The Chairman of Aditya Birla Nuvo, Kumar Mangalam Birla resigned from the Reserve Bank of India’s Central Board on 23 July 2013. The resignation is said to avoid the conflicts because Aditya Birla Nuvo applied for the bank license to RBI. Aditya Birla Nuvo is one of the 26 firms which have applied for bank licenses with RBI.
Kumar Mangalam Birla has remained on the central board of RBI from past six years. It is important to note that Kumar Mangalam Birla was also nominated as the member of the Directors of the Central Board of the RBI in 2006.
The Reserve Bank of India will be granting new bank licenses by March 2014. India, at present has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Who: Kumar Mangalam Birla
When: 23 July 2013